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June 23, 2026
Chart of the Day
The Indian rupee snapped a six-day-long run of gains on Monday, as the dollar hovered near a one-year peak against a basket of peers even as a retreat in oil prices soothed worries over spillovers from the US-Iran war. A hawkish turn by the US Federal Reserve last week has prompted traders to add to wagers on a rate hike later this year, keeping the dollar index clinging to its highest levels — near the 101 handle — since May 2025. Sources: Reuters, Bloomberg
Financial market updates
The USD/PHP exchange rate opened 2.5 centavos higher at 60.80 on Monday, and was easily pushed to the mid-60.90s on reports over the weekend that Iran has closed the Strait of Hormuz once again.
Oil price gains and fixing-related demand drove the pair higher, breaking the 61.00-resistance and pushing the pair to an intraday high of 61.18.
Despite higher-than-usual volumes, client flows were balanced, and market positioning ended flat on expectations of further global dollar strength from the US Federal Reserves’s hawkish stance.
The USD/PHP pair ultimately closed at 61.123, or 34.8 centavos higher day-on-day.
The current support levels of USD/PHP remain at 60.80/61.00, while the resistance levels are 61.30/61.75.
Despite the improving risk backdrop, a more cautious tone is expected in peso government securities this week as US-Iran peace talks begin anew.
Activity remained concentrated in the front of the curve, with both 182-day and 364-day treasury bill auctions seeing more than double the demand.
Other yields ended unchanged to 8 basis points higher on sideways trading.
Local market sentiment will likely remain sensitive to geopolitical developments, particularly the situation in the Middle East.
In the afternoon of June 23, the Bureau of the Treasury is expected to offer up to PHP 60 billion as it reissues FXTNs 7-70 (4Y) and 10-74 (10Y). Our indicative ranges are 6.700-6.850% and 6.900-7.100%, respectively.
The Philippine Stock Exchange index (PSEi) ended 100.33 points lower at 6,035.02 on Monday, as sustained selling pressure reflected a deterioration in risk appetite amid lingering geopolitical tensions.
Value turnover surged to a hefty PHP 8.42 billion, alongside firmly negative breadth of 116 decliners versus 74 advancers.
Foreign funds spearheaded the liquidation, with net outflows of PHP 924.14 million, leaving the tape highly vulnerable and in search of a near-term technical floor.
The weakness was concentrated in key heavyweights, with International Container Terminal Services Inc. (-5.69%) and Jollibee Foods Corp. (-5.57%) accounting for a substantial portion of the downside.
Meanwhile, pockets of resilience were limited, led by PLDT Inc. (+4.46%) and Aboitiz Equity Ventures Inc. (+3.13%).
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